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Letting timeshare foreclose

OldGuy

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Fred:

I recently, unsuccessfully, suggested that resale timeshare may not be on solid legal ground when there is no contract, but after looking at the standard wording on TS deeds, I concluded they legally obligated resale buyers to the TS plan and obligations.
 

OldGuy

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One of our resorts, the one that finally agreed to a deedback of the last of our weeks there, did foreclose and place liens on delinquent owners other real estate.
 

OldGuy

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One of our resorts, the one that finally agreed to a deedback of the last of our weeks there, did foreclose and place liens on delinquent owners' other real estate.

I guess they figured they made money immediately with the terms of the deedback, and the liens were iffy and long-range.
 

WVBaker

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OldGuy

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A FICO score of 899 is phenomenal:

FICO® Scores range from 300 to 850.
 

R.J.C.

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It’s much more complicated than if I do X the score will go down by Y points. They look at the interaction of factors, your credit mix (instalment loans, mortgages, credit cards, lines of credit etc). The score is used to map into the likelihood of you defaulting in the future.

We’re currently applying for a mortgage with a new lender so I got a peek at our “real” FICO with the bank. We’re currently sitting at 15% credit usage and I’m currently an 899 FICO so I’m not sure that 5% is somehow “optimal” (our personal banker said she had never seen one that high!) I imagine that if we had a single new non-payment on our record it would be a much larger hit than for someone with a 720 score for example.
Considering the supposed highest FICO score is 850 I'm not sure you were looking at the right number. There are several factors that determine a FICO score with the credit usage being just one of them.
 

R.J.C.

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If a judgement is placed and eventually paid on sale of the home. Would the TS then be given back to the default buyer?

How does that work. They’re paid but late
Or could they only claim any losses from the repo to sale price which I’m sure inflated lawyer fees would secure full payment
I highly doubt the owners would get the timeshare back but I'm no lawyer so I can't really answer that question.
 

R.J.C.

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Advice concerning anyone's credit history is always easy when it's, well, someone else.

I will agree with one point however. In fact there are no "Debtors Prisons", at least in the truest definition of the term. Of course many find the lack of purchasing ability to be a form of "Debtors Prison".

Truth be told, there is not one person with the foresight to predict what will happen when someone defaults on a loan. With many possibilities and the various credit reporting agencies, that simply can't be done. Will you're score drop 10 points? Will you're score drop 20 points? Will you're score drop 50 points? it simply can't be predicted with any accuracy whatsoever. It is very easy to tell someone else, hey don't worry, you'll be fine. Need you worry about some sort of legal action? Perhaps yes or perhaps no. I'm not willing to risk that however, being that it's someone else, hey, give it shot and see what happens. After all, that's why we have lawyers.

I for one, would never want any type of "lien" on my home. I suppose many of us simply don't need that or want that discreditation.

Perhaps financial advice is best left to those who understand the field and have taken time to get to know the individual and their situation. ;)
The many who may find the lack of purchasing to be a form of "Debtors Prison" have no idea what Debtors Prison used to be like and, IMO, are most likely overly dramatic people.

I don't feel I gave financial advice, I gave, based on what I read and heard from people who have used the Nuclear Option, more of a historical statement. You are correct, you could get someone at Diamond reviewing the records who woke up on the wrong side of the bed and a Judge who didn't get any the night before and Lord knows what they would do to someone who used this option. You could also get just the opposite and it doesn't matter how well someone knows your specific situation because not even they can foresee things liked this that are outside of their ability to control. They, like I did, would give their best guess on what they have seen and know and hope for the best.
 

Grammarhero

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@Juma we hope you are doing well. Would you kindly update us with what you decided to do and is there was an affect on your credit score?
 

Grammarhero

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Hello -- Not 100% sure how to use this forum. Are you the person who offered to share your successful Craig's list postings with others by chance? If so, would love to get that info. I've advertised here and on several Craig's lists with no success. Thanks!
@New Englander we hope you are doing well. Would you kindly update us with what you decided to do and is there was an affect on your credit score?
 

Ruddigore

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So...

I.
I purchased a car about 15 years ago. It never really did everything the sales guy said it would. But I loved it nonetheless

It was shiny and new and I fell in love with the shine. That leather!! Power windows!! Are you kidding me?
Couldn’t wait to tell and show it off to my friends!! I was the man on the block for sure!!

Well, nowadays it doesn’t do quite what it used to. Starts a little harder. Shakes. Not much. Just a bit
Paint? Now that’s a problem. The sun has faded it pretty badly and the leather? Yep!! Pulling at the seams

The OL girl still got me to work and gave me many satisfying days cruising the town

I’m tired of it. The insurance is getting to not be worth it. The juice just isn’t worth the squeeze anymore and that brings me to my question

How can I get the selling dealer to take this back without affecting my credit or any financial woes?

I mean. I’m done with it and don’t want it anymore
I know I bought it but how is that my problem?

Any help??
Well, you can:
1. Sell your old car - it's easy.
2. Donate your old car to a charity - it's easy.
3. Have your old car hauled away for scrap for free - it's easy.
4.....and if you just park it and never use it, it does not cost you anything.
But none of these four statements are true when applied to Timeshares.
 

Gypsy65

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Well, you can:
1. Sell your old car - it's easy.
2. Donate your old car to a charity - it's easy.
3. Have your old car hauled away for scrap for free - it's easy.
4.....and if you just park it and never use it, it does not cost you anything.
But none of these four statements are true when applied to Timeshares.
Missed the point but that doesn’t really matter anyway

Timeshares come with a forever bill. It’s in the contract
It’s those who feel that resorts or developers should take them back that’s the issue
I understand people not liking it but no less different than a car or any other purchase. With or with out value it’s me. The buyer that’s responsible
Either forfeit it and take the hit or deal with the purchase

If you built a new home say $500,000 and lived there for 20-30 years but due to neglect it’s falling down and the city sends notice that it’s unfit and must be removed at your expense
Do you call the builder up and ask for a refund?
 

easyrider

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A FICO score of 899 is phenomenal:

FICO® Scores range from 300 to 850.
FICO for most things is top at 850. FICO for cars is top at 900. Then there is the National Credit Score that tops out at 990.

Regarding letting a timeshare go into foreclosure, for most people that don't have to purchase real estate, their credit score hit wouldn't really matter. There will still be plenty of opportunities to purchase items using credit and credit cards.

The only thing that a bad credit score does to affect most people is to make it harder and more expensive to get a mortgage. If you already have a mortgage a bad credit score doesn't affect that loan at all.

Bill
 
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R.J.C.

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diamond resorts has a surrender program, if its paid off and current you can give it back to them.
You must be the original owner to use Transitions. It sounds as though the week is a resale unit which does not qualify for Transitions (for reasons that are unknown to anyone other than Diamond).
 

Grammarhero

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I really wish I could adopt this attitude toward the time and energy necessary to get rid of our timeshares! And I mean that sincerely -- I should learn to be okay with putting in tons of effort over several years to unload our timeshares. BUT (and you knew there was a but:))... I've simply run out of patience and energy and would really much prefer spending my time on other worthwhile things in my senior years.

We are now sending a letter and medical records to our Vacation Village homeowners association and sincerely requesting that they accept a deed back. Ours is not a 100% medical hardship situation, but it's a strain to travel and ongoing MF are tough on a fixed income.

If this fails, our next step will be to hire an attorney. Has anyone done this and found it helpful? What legal recourse do we have? We have owned for 12 years. Is there a thread on this somewhere? THANKS SO MUCH!
Good afternoon, to help other tuggers in similar situations, would you kindly let us know if you stopped paying MF and whether it affected your credit score? You may also PM or DM me.
 

pmj34949

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So...

I.
I purchased a car about 15 years ago. It never really did everything the sales guy said it would. But I loved it nonetheless

It was shiny and new and I fell in love with the shine. That leather!! Power windows!! Are you kidding me?
Couldn’t wait to tell and show it off to my friends!! I was the man on the block for sure!!

Well, nowadays it doesn’t do quite what it used to. Starts a little harder. Shakes. Not much. Just a bit
Paint? Now that’s a problem. The sun has faded it pretty badly and the leather? Yep!! Pulling at the seams

The OL girl still got me to work and gave me many satisfying days cruising the town

I’m tired of it. The insurance is getting to not be worth it. The juice just isn’t worth the squeeze anymore and that brings me to my question

How can I get the selling dealer to take this back without affecting my credit or any financial woes?

I mean. I’m done with it and don’t want it anymore
I know I bought it but how is that my problem?

Any help??
I have a car like that. I plan to just haul it to the junkyard.
 

pmj34949

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Considering maint fees paid annually are supposed to be used to keep your TS shiny and new like the first day you bought it, the comparisons really aren't the same.
A more appropriate analogy would be a 5000 mile oil change and tire rotation compared with the maintenance fees. The car gets older and eventually is effectively worthless and is discarded. Anyone buying a timeshare should be informed that in addition to their own risks of ownership they may well eventually need to assume the risks formerly assumed by others.
 

R.J.C.

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A more appropriate analogy would be a 5000 mile oil change and tire rotation compared with the maintenance fees. The car gets older and eventually is effectively worthless and is discarded. Anyone buying a timeshare should be informed that in addition to their own risks of ownership they may well eventually need to assume the risks formerly assumed by others.
I disagree. A car with 100,000 miles on it may be considered worthless by the insurance company but is still very valuable to the owner. Look how many VW Bugs, Model A's and T's, or 56 Chevy's you still see. A properly maintained car, just like a properly maintained timeshare, can be used indefinitely.
 
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